First of all, let me say this: I think the Cardinals will sign Adam Wainwright to an extension and it will likely happen before the start of the 2013 season. However, I also thought the same thing regarding Albert Pujols. In fact, I was almost certain the Cardinals and Pujols would come to terms, right up to the point that he signed with the Angles.
I've already taken a look at some of the factors the Cardinals must weigh regarding a possible extension with Wainwright. So, in the interest of covering all the bases, let's take a look at the Cardinals other options:
If the Cardinals cannot reach an agreement with Wainwright, the most obvious choice they have is to let Adam become a free agent after the 2013 season. If this were to happen, its likely that the Cards will make Wainwright a qualifying offer, so that they can at least receive draft pick compensation should he sign elsewhere.
The Cardinals can then let the market determine his price and see...